- 13.11.2025, 10:22:56
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- EQS0007
EQS-News: AUSTRIACARD HOLDINGS AG ANNOUNCEMENT 9M 2025 RESULTS
EQS-News: AUSTRIACARD HOLDINGS AG / Key word(s): 9 Month figures
AUSTRIACARD HOLDINGS AG ANNOUNCEMENT 9M 2025 RESULTS
13.11.2025 / 10:22 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Q3 2025 results confirm our prior guidance for growth momentum
Significant performance improvement in Q3, with Document Lifecycle
Management and Digital Technologies the key growth drivers
• Group Revenues of €262.4m (14% reduction vs. 9M 2024), adversely
impacted by the already realized in H1 2025 normalization in the Turkish
payment card market as well as the temporary moderation vs. last year’s
significant contribution of metal card sales to Fintech clients in
Europe. Document Lifecycle Management and Digital Technologies
maintained solid revenue growth trajectory, reaffirming our successful
geographical and market share expansion strategy to date. Q3 2025 Group
Revenues increased 22% vs. Q2 2025.
• Adjusted EBITDA of €36.1m (13.7% margin), impacted by the revenue
shortfall, despite cost optimization efforts and a more favourable
revenue mix towards service-related revenues. Q3 2025 adjusted EBITDA of
€16.8m (17.0% margin), increased 16% vs. Q3 2024 and more than doubled
vs. Q2 2025, driven by the robust pipeline as well as the contribution
of higher-margin services and solutions.
• Net Profit of €9.8m (vs. €16.3m in 9M 2024), burdened by the EBITDA
reduction and by higher depreciation & amortization expenses (+12% vs.
9M 2024), despite lower financial expenses (-14% vs. 9M 2024). Q3 2025
Net Profit of €7.4m, up by 45% vs. Q3 2024, backed by the EBITDA growth.
• Solid operating cash flow generation of €23.2m (+23% vs. 9M 2024), on
account of our disciplined focus to optimize cash flow management as
well as a reduced pace of working capital build-up. Free Cash Flow (FCF)
(Operating Cash Flow minus CAPEX) generation of €11.7m vs. €2.7m in 9M
2024.
• Group Leverage maintained at healthy levels (1.9x) with Group Net Debt
of €91.2m (€4.4m reduction vs. end-2024).
• Q3 2025 results reaffirm Management’s earlier guidance for robust growth
momentum. The Group remains well positioned to deliver a meaningful
improvement vs. H2 2024, supported by efficiency initiatives,
disciplined cost management as well as a favourable revenue mix towards
higher-margin services and solutions. The Group’s performance in Q3 2025
underscores the success of our strategic initiatives in driving
sustained margin enhancement and long-term earnings growth.
November 13, 2025 – AUSTRIACARD HOLDINGS AG (ACAG), the international
applied technology group headquartered in Vienna, announces its 9M 2025
financial results.
Manolis Kontos, Chairman of the Management Board and Group CEO, commented:
"Q3 2025 marked a return to growth momentum for AUSTRIACARD. Strong
performance from both Document Lifecycle Management and Digital Technologies
alleviated revenue headwinds from cyclical and macroeconomic factors, which
burdened our Payment solutions segment performance in H1 2025. Despite these
temporary headwinds, our strategy to evolve into a holistic payments and
identity solutions provider remains firmly on track and continues to drive
sustained revenue growth, building on our strong performance in recent
years.
During the third quarter we achieved significant sequential growth and a
solid year-on-year improvement in EBITDA, confirming our prior guidance,
driven by operational efficiency, a robust pipeline and a revenue mix
increasingly weighted towards higher-margin services and solutions. Our
strong free cash flow generation and healthy balance sheet underscore our
disciplined financial management and long-term commitment to sustainable
value creation.
The progress achieved in Q3 2025 reinforces our confidence in continued
growth momentum for the remainder of the year. More importantly, the
investments during 2025 in people, product and solutions portfolio
development will serve as a key enabler of growth in the years ahead. We
remain focused on executing our strategic priorities — expanding our digital
and AI-enabled solutions portfolio, enhancing operational scalability, and
deepening integration across our markets. We continue to evolve into a
holistic solutions provider and a trusted, long-term partner, delivering
end-to-end value to clients.
With technology at the core of our strategy, AUSTRIACARD is well positioned
to convert this momentum into sustainable growth. We will continue to pursue
selective inorganic opportunities that add strategic capabilities and extend
our market reach, as part of our commitment to create long-term value for
our clients and shareholders.”
GROUP PERFORMANCE HIGHLIGHTS[1][1]
Group P&L | Highlights 9M 2025 9M 2024 % chg
in € million
Revenues 262.4 303.5 -14%
adjusted EBITDA 36.1 43.5 -17%
adjusted EBITDA margin 13.7% 14.3% -0.6%
Profit/(Loss) before tax 13.5 21.2 -36%
Profit/(Loss) 9.8 16.3 -40%
in € million Q3 2025 Q3 2024 % chg
Revenues 98.8 108.1 -9%
adjusted EBITDA 16.8 14.5 +16%
adjusted EBITDA margin 17.0% 13.4% +3.6%
Profit/(Loss) before tax 9.7 6.4 +52%
Profit/(Loss) 7.4 5.1 +45%
Group Financial Position | Highlights 30/09/2025 31/12/2024
in € million
Cash & cash equivalents 17.9 21.7
Total Assets 323.8 331.6
Total Equity 128.8 124.8
Net Debt 91.2 95.6
Total Liabilities 194.9 206.8
Group Revenues
Group Revenues of €262.4m, a 14% decline vs. 9M 2024 on account of the
following key items that have already, largely, been realized in H1 2025
results:
• the normalization of the Turkish payment card market (€25m total impact
to Group 9M 2025 Revenues), primarily driven by cyclicality and a
challenging macro backdrop, following several years of exceptional
growth (5-year CAGR of 52%).
• a temporary moderation vs. last year’s significant contribution of metal
card sales to Fintech in Europe (€24m total impact to Group 9M 2025
Revenues). Nevertheless, we are confident that metal cards will continue
to increase their revenue contribution going forward.
On a positive note, the following items partially compensated for the
aforesaid shortfall:
• €16.7m revenues related to the delivery of high-security, personalized
National Examination Papers with traceability services in East Africa
(Document Lifecycle Management)
• €10.5m revenues related to contracted, large-scale, public sector
digitization projects in Greece (16% increase vs. 9M 2024) (Digital
Technologies)
After excluding the adverse negative effect of both the Turkish payment card
market and the metal cards sales to Fintech in Europe, 9M 2025 Group
Revenues increased by 3% vs. 9M 2024 (or by €8m).
Overall, the following categories within our Group continue to deliver solid
revenue growth, hence reaffirming our successful strategy to date:
• Document Lifecycle Management (+11% vs. 9M 2024), particularly our
document output (including the aforesaid National Examinations project
in East Africa) and our payment cards distribution services,
particularly in WEST (+36% vs. 9M 2024), which are linked to higher
volume of personalized cards for our Fintech clients.
• Digital Technologies (+10% vs. 9M 2024), largely supported by the
large-scale, public sector digitalization projects in Greece, which,
since the beginning of Q3 2025, are in full implementation mode, as well
as from the roll-out of our technologically advanced solutions (e.g.
Card-as-a-Service) and our proprietary agentic AI platform GaiaB™
(albeit the contribution is still relatively small).
Revenues by Segment 9M 2025 9M 2024 €m chg % chg
in € million
Western Europe, Nordics, Americas (WEST) 87.4 105.7 (18.3) -17%
Central Eastern Europe & DACH (CEE) 149.6 173.9 (24.3) -14%
Türkiye / Middle East and Africa (MEA) 46.9 63.2 (16.3) -26%
Eliminations & Corporate (21.4) (39.2) 17.9 -45%
Total 262.4 303.5 (41.1) -14%
in € million Q3 2025 Q3 2024 €m chg % chg
Western Europe, Nordics, Americas (WEST) 32.7 40.8 (8.1) -20%
Central Eastern Europe & DACH (CEE) 45.6 52.3 (6.7) -13%
Türkiye / Middle East and Africa (MEA) 30.6 22.3 8.2 +37%
Eliminations & Corporate (10.1) (7.3) (2.7) +37%
Total 98.8 108.1 (9.3) -9%
Central Eastern Europe & DACH (CEE)
Revenues in the segment registered a 14% decline vs. 9M 2024 to €149.6m,
largely due to the reduction in the intra-segment revenues between CEE and
MEA segments (€21m revenue impact for the segment, driven by a 63% drop in
card volumes vs. 9M 2024), on account of the aforesaid headwinds in the
Turkish payment card market. The aforesaid revenue shortfall was only
marginally compensated by revenue growth from public sector digitization
projects in Greece (16% increase vs. 9M 2024).
Western Europe, Nordics, Americas (WEST)
Revenues in the segment registered a 17% decline vs. 9M 2024 to €87.4m,
largely due to the aforesaid temporary moderation vs. last year’s
significant contribution of metal card sales to Fintech in Europe (€24m
impact to Group Revenues). As previously communicated (H1 2025 Results Press
Release), during the course of 2024 certain of our Fintech clients in Europe
had launched metal cards campaigns, resulting in sizeable metal cards
orders, which have not been repeated with the same scale during this year,
although we continue to register strong momentum in metal card sales across
the WEST/US markets. On a positive note, revenues related to the
distribution of Fintech-related personalized cards have continued their
upward trajectory, generating solid growth of 36% vs. 9M 2024, reaffirming
our strategy to focus on serving the fast-growing Fintech sector. Moreover,
our prior years investments in the US are delivering meaningful results, as
evident in the 17% revenue growth in 9M 2025, driven primarily by our
strategic focus on the Challenger Banks/Fintech sector (sales of metal cards
and personalized cards distribution services have been the key
contributors). Worth highlighting that in 2025 we have onboarded significant
Tier 1 Fintechs in the US, which wil enable sustained growth in the coming
years for this important geography. Moreover, we continue to expand our
customer base, having signed 98 new customers in 9M 2025, including also
Tier 1 Banks in the UK, with a solid backlog of customer onboardings
scheduled in Q4 2025. These developments are expected to have a meaningful
contribution to the WEST segment performance from 2026 onwards.
Overall, our strategy for the WEST segment is centered on the development of
cutting-edge products and comprehensive solutions (e.g. Card-as-a-Service)
that will enable our targeted inroads in the fast growing segment of the
Challenger Banks/Fintech and the Tier 2 Banks.
Türkiye, Middle East and Africa (MEA)
Revenues in the segment registered a 26% decline vs. 9M 2024 to €46.9m,
adversely impacted by the continued normalization of the Turkish payment
card market (€21m impact to segment revenues), on account of the persistent
macroeconomic volatility and uncertainty, together with cyclicality and
normalized customer stock levels, following high levels of paid stock after
several years of substantial growth. Notwithstanding said headwinds, our
solid market share in Türkiye remained unchanged, while in Q3 2025 we have
witnessed early signs of a market stabilization, as evident in the 17%
increase vs. Q2 2025 in card personalization revenues.
Moreover, segment revenues related to the Document Lifecycle Management
solutions increased 67% vs. 9M 2024, largely on account of the National
Examinations project in East Africa revenue contribution (€16.7m).
Overall, our strategy for the MEA segment is focused on diversifying the
segment’s earnings mix by pursuing targeted initiatives and opportunities in
the Document Lifecycle Management (e.g. high-security, personalized National
Examination Papers with traceability services, high security ballot papers
and supportive material for elections) and holistic Citizen Identity
services that are already building a recurring revenue base, and will
continue to increase their Revenue and EBITDA contribution in this
geographical segment.
Revenues by Solution 9M 2025 9M 2024 €m chg % chg
in € million
Identity & Payment 133.5 187.0 (53.5) -29%
Document Lifecycle Management 106.4 96.0 10.4 +11%
Digital Technologies 22.6 20.4 2.1 +10%
Total 262.4 303.5 (41.1) -14%
in € million Q3 2025 Q3 2024 €m chg % chg
Identity & Payment 45.5 65.0 (19.4) -30%
Document Lifecycle Management 45.8 38.4 7.4 +19%
Digital Technologies 7.4 4.8 2.7 +56%
Total 98.8 108.1 (9.3) -9%
Identity & Payment
Revenues have been adversely impacted by the continued normalization of the
Turkish payment card market as well as the temporary moderation vs. last
year’s significant contribution of metal card sales to Fintech in Europe,
both of which have been already, largely, realized in H1 2025 results.
On a positive note:
• 9M 2025 solution revenues in the US increased 13% vs. 9M 2024, with
metal card sales the key growth driver.
• Q3 2025 personalization revenues increased 10% vs. Q3 2024, driven
primarily by WEST (+15% vs. Q3 2024) and MEA (+16% vs. Q3 2024)
Document Lifecycle Management
Revenues registered a solid 11% increase vs. 9M 2024, largely driven by the
following categories:
• document output: +16% vs. 9M 2024, predominantly on account of the
revenues related to the National Examinations project in East Africa.
• distribution services: +7% vs. 9M 2024, with WEST the key growth driver
(+36% vs. 9M 2024), driven by the distribution of Fintech-related
personalized cards.
Q3 2025 segment revenues increased 19% vs. Q3 2024, with the National
Examinations project in East Africa and the distribution services (+9% vs.
Q3 2024) the key growth drivers.
Digital Technologies
Revenues reported a solid 10% increase vs. 9M 2024, largely on account of
the 16% increase vs. 9M 2024 in revenues related to contracted, large-scale,
public sector digitization projects in Greece. To date, we have been awarded
(both directly and indirectly) public sector digitization projects in Greece
worth in total approx. €60m, of which approx. €27m has been cumulatively
received/recognized (from 2023 until end-September 2025), with the remaining
amount of approx. €33m to be recognized from Q4 2025 onwards (the majority
is expected to be recognized within the course of 2026).
Moreover and on the back of prior years’ investments in R&D, aimed at
scaling our digital services offering, we continue to make good progress in
rolling out Card-as-a-Service (CaaS) for Challenger Banks/Fintech in WEST as
well as securing document digitization projects in MEA (revenues for both
have more than doubled vs. 9M 2024, albeit from a rather very low base).
In addition, in October 2025, we entered into an important collaboration
with Dell Technologies, a global technology leader, to develop and market
our proprietary GaiaB™ Appliance. GaiaB™ Appliance is an advanced Generative
AI solution for the automation of business processes and operations, which
comes pre-integrated with Dell PowerEdge servers and will operate entirely
on-premises or in private cloud environments. This collaboration reinforces
the Group’s strategic transformation into a large-scale applied technology
provider and showcases our internationally acclaimed expertise in Agentic
AI.
Group Gross Profit 9M 2025 9M 2024 €m chg % chg
in € million
Gross profit I 130.9 138.3 (7.4) -5%
Gross profit I margin 49.9% 45.6% +4.3%
Gross profit II 61.7 73.8 (12.1) -16%
Gross profit II margin 23.5% 24.3% -0.8%
in € million Q3 2025 Q3 2024 €m chg % chg
Gross profit I 54.1 50.1 4.0 +8%
Gross profit I margin 54.7% 46.3% +8.4%
Gross profit II 24.9 24.7 0.2 +1%
Gross profit II margin 25.2% 22.8% +2.4%
Gross profit I: the reported 5% decline vs. 9M 2024 is largely attributed to
the aforesaid revenue shortfall.
Gross profit I margin widened by more than 4 percentage points to 49.9%, on
the back of a more favourable revenue mix towards higher-margin services and
solutions, which are not burdened by the associated material costs. Worth
highlighting that all 3 geographic segments have reported expanded Gross
Profit I margin (MEA by 18 percentage points, WEST by 3.4 percentage points
and CEE by 2.5 percentage points). Please refer to pages 12-14 for a
detailed analysis of the Group’s geographic segments.
Gross profit II: the reported 16% reduction vs. 9M 2024 is attributed to:
• the Gross Profit I reduction, and
• higher production costs (due to depreciation & amortization expenses and
project-related transportation costs).
Gross profit II margin tightened by less than 1 percentage point to 23.5%,
as the more favourable revenue mix towards higher-margin services and
solutions has largely compensated for the Gross Profit I reduction and
higher production costs.
Group Operating Expenses (OPEX) 9M 2025 9M 2024 €m chg % chg
in € million
Production costs (69.2) (64.5) (4.7) +7%
Selling and distribution expenses (16.6) (18.0) 1.4 -8%
Administrative expenses (19.1) (21.1) 2.0 -10%
R&D expenses (6.9) (5.7) (1.2) +21%
+ Depreciation, amortization & impairment 14.2 12.6 1.6 +12%
Total (97.9) (96.7) (0.9) +1%
as % of Revenues 37.2% 31.9%
in € million Q3 2025 Q3 2024 €m chg % chg
Production costs (29.2) (25.4) (3.8) +15%
Selling and distribution expenses (5.5) (6.1) 0.6 -10%
Administrative expenses (6.0) (6.8) 0.8 -12%
R&D expenses (2.3) (2.2) (0.2) +8%
+ Depreciation, amortization & impairment 4.6 4.4 0.2 +5%
Total (38.4) (36.1) (2.3) +6%
as % of Revenues 38.8% 33.4%
Group OPEX (excluding depreciation, amortization & impairment) marginally
increased (by €0.9m) vs. 9M 2024, as our disciplined focus on operational
efficiency improvements delivered an 9% reduction vs. 9M 2024 to Group SG&A
(includes both Selling and distribution, and Administrative) expenses.
Notably, our SG&A cost rationalisation efforts are clearly visible in both
CEE (-14% 9M 2024) and WEST (-7% vs. 9M 2024). Moreover, higher R&D expenses
reflect our continued investment in R&D capabilities to support future
business growth (especially in Digital Technologies).
Group Operating Profitability 9M 2025 9M 2024 €m chg % chg
in € million
adjusted EBITDA 36.1 43.5 (7.4) -17%
adjusted EBITDA margin 13.7% 14.3% -0.6%
adjusted EBIT 21.8 30.9 (9.0) -29%
adjusted EBIT margin 8.3% 10.2% -1.8%
in € million Q3 2025 Q3 2024 €m chg % chg
adjusted EBITDA 16.8 14.5 2.3 +16%
adjusted EBITDA margin 17.0% 13.4% +3.6%
adjusted EBIT 12.2 10.1 2.1 +21%
adjusted EBIT margin 12.3% 9.3% +3.0%
Group adjusted EBITDA: the reported 17% reduction vs. 9M 2024 is largely
associated to the revenue shortfall (€41m decline), which more than offset
our cost savings in both cost of sales (€29m reduction) and SG&A (-9% vs. 9M
2024). That said Group adjusted EBITDA margin contracted by less than 1
percentage point to 13.7%, supported by the more favourable revenue mix
towards higher-margin services and solutions.
Group adjusted EBIT: following the adjusted EBITDA reduction, higher
depreciation & amortization expenses, associated to our prior-year CAPEX and
M&A activity, further burdened Group adjusted EBIT (-29% vs. 9M 2024). The
more favourable revenue mix towards higher-margin services and solutions
contributed to containing the adjusted EBIT margin tightening to less than 2
percentage points at 8.3%.
Please refer to pages 12-14 and 21-22 in the Appendix for a detailed
analysis of the Group segments per Geography.
Special items included in 9M 2025 9M 2024 €m chg % chg
in € million
Management participation EBITDA (2.4) (2.9) 0.5 -18%
programs
FX gains/(losses) Profit before tax (0.7) (0.1) (0.5) +379%
IAS 29 Hyperinflation Profit before tax (0.4) (0.9) 0.5 -54%
Total (3.4) (3.9) 0.5 -13%
Special items: lower costs related to (a) the management participation
programs (attributed to the lower number of eligible participants) and (b)
hyperinflation (IAS 29) were partially offset by higher FX losses
(particularly related to the USD intragroup receivables).
Group Net Results 9M 2025 9M 2024 €m chg % chg
in € million
Profit/(Loss) before tax 13.5 21.2 (7.7) -36%
Profit/(Loss) attributable to
Owners of the Company 8.6 16.2 (7.6) -47%
Profit/(Loss) 9.8 16.3 (6.4) -40%
EPS (basic) (€) 0.24 0.45 -46%
in € million Q3 2025 Q3 2024 €m chg % chg
Profit/(Loss) before tax 9.7 6.4 3.3 +52%
Profit/(Loss) attributable to 7.2 5.6 1.6 +29%
Owners of the Company
Profit/(Loss) 7.4 5.1 2.3 +45%
EPS (basic) (€) 0.20 0.15 +31%
Group Profit: lower financial expenses (-14% vs. 9M 2024), driven by lower
base interest rates as well as a reduction to the average outstanding debt
position (refer to page 11 regarding net debt), only marginally compensated
for the aforesaid reduction to Group EBITDA/EBIT, which adversely impacted
Group bottom-line results.
Group P&L (Management Reporting[2][2]) 9M 2025 9M 2024 €m chg % chg
in € million
Revenues 262.4 303.5 (41.1) -14%
Costs of material & mailing (131.5) (165.2) 33.6 -20%
Gross profit I 130.9 138.3 (7.4) -5%
Gross profit I margin 49.9% 45.6% +4.3%
Production costs (69.2) (64.5) (4.7) +7%
Gross profit II 61.7 73.8 (12.1) -16%
Gross profit II margin 23.5% 24.3% -0.8%
Other income 4.0 3.0 1.0 +32%
Selling and distribution expenses (16.6) (18.0) 1.4 -8%
Administrative expenses (19.1) (21.1) 2.0 -10%
R&D expenses (6.9) (5.7) (1.2) +21%
Other expenses (1.2) (1.1) (0.1) +6%
+ Depreciation, amortization & impairment 14.2 12.6 1.6 +12%
adjusted EBITDA 36.1 43.5 (7.4) -17%
adjusted EBITDA margin 13.7% 14.3% -0.6%
- Depreciation, amortization & impairment (14.2) (12.6) (1.6) +12%
adjusted EBIT 21.8 30.9 (9.0) -29%
Financial income 0.3 0.3 (0.0) -9%
Financial expenses (5.3) (6.2) 0.9 -14%
Result from associated companies 0.1 0.1 (0.1) -46%
Net finance costs (4.9) (5.7) 0.8 -14%
adjusted Profit/(Loss) before tax 16.9 25.1 (8.2) -33%
Special items (3.4) (3.9) 0.5 -13%
Profit/(Loss) before tax 13.5 21.2 (7.7) -36%
Income tax expense (3.7) (5.0) 1.3 -26%
Profit/(Loss) 9.8 16.3 (6.4) -40%
GROUP FINANCIAL POSITION
Statement of financial position 30/09/2025 31/12/2024 €m chg % chg
in € million
Non-current assets 156.9 165.2 (8.3) -5%
Current assets 166.8 166.4 0.5 0%
Total assets 323.8 331.6 (7.8) -2%
Total Equity 128.8 124.8 4.0 3%
Non-current liabilities 108.0 117.3 (9.3) -8%
Current Liabilities 86.9 89.5 (2.6) -3%
Total Equity and Liabilities 323.8 331.6 (7.8) -2%
Total Equity as of 30/09/2025 reached €128.8m, a €4m increase vs.
31/12/2024, since net profit generation in the period has been partially
offset by:
• dividend payments to shareholders (€4m or €0.11 per share)
• negative effect in the FX translation reserve (impact from USD and RON).
Net Working Capital 30/09/2025 31/12/2024 €m chg % chg
in € million
Inventories 63.8 72.8 (9.0) -12%
Contract assets 28.6 15.0 13.6 +91%
Current income tax assets 2.0 0.5 1.5 +291%
Trade receivables 40.1 45.3 (5.2) -12%
Other receivables 14.5 11.1 3.4 +31%
149.0 144.6 4.3 +3%
Current income tax liabilities (4.5) (3.6) (0.9) +24%
Trade payables (27.4) (43.8) 16.4 -37%
Other payables (25.7) (17.0) (8.7) +51%
Contract liabilities (12.0) (7.2) (4.8) +67%
Deferred income (1.7) (1.8) 0.1 -5%
(71.3) (73.4) 2.1 -3%
Net Working Capital 77.7 71.3 6.4 +9%
% of Revenues (12 months rolling) 22.1% 18.2%
Net Working Capital: the €6m increase (+9%) vs. 31/12/2024 is largely
attributed to the reduction in Trade Payables (€16m), due to vendor payments
for chips, as well as to the increase in Contract assets (€14m) (related to
the ongoing implementation of contracted public sector digitization projects
in Greece, which are invoiced upon project completion). These more than
offset the positive effects of the reduced pace of working capital build-up
as well as our continued efforts to improve cash collections from clients
and to enhance inventory management.
Statement of cash flows 9M 2025 9M 2024 €m chg % chg
in € million
Cash flows from operating activities 23.2 18.9 4.3 +23%
Cash flows from investing activities (7.9) (12.0) 4.1 -34%
Cash flows from financing activities (18.2) (6.1) (12.2) +200%
Net increase/(decrease) in cash (2.9) 0.8 (3.8) n/m
and cash equivalents
Capital expenditure (CAPEX) (11.4) (16.2) 4.8 -30%
incl. Right-of-use assets, excl. M&A
Cash flows from operating activities resulted in €23.2m inflow (+23% vs. 9M
2024), largely on account of the reduced pace of the working capital
build-up.
Cash flows from investing activities resulted in €7.9m net outflow,
reflecting:
• regular investments in plant and equipment
• investments in additional machinery for delivering large-scale security
printing projects in MEA
• in-house software development, aimed at enhancing our Digital
Technologies solutions, and
• positive cash effect from a property sale, on the back of our ongoing
initiatives to streamline operations.
Cash flows from financing activities resulted in €18.2m outflow, reflecting:
• net repayments of loans and borrowings (revolving loan facilities)
(€5.7m)
• interest expenses (€4.8m)
• dividend payment to shareholders (€4m or €0.11 per share) (payment
effected on July 4)
• payments of finance leases (€3.2m)
• share buy-back programme (€0.5m)
Net Debt 30/09/2025 31/12/2024 €m chg % chg
in € million
Cash and cash equivalents (17.9) (21.7) 3.8 -18%
Loans and borrowings 109.1 117.4 (8.3) -7%
Net Debt 91.2 95.6 (4.4) -5%
Group Net Debt of €91.2m declined by €4.4m vs. 31/12/2024 and by €4.9m vs.
30/06/2025, on the back of improved operating and free cash flow generation,
which has been used to reduce the Group’s debt position.
Group Leverage (Net Debt / adjusted EBITDA 12-month rolling basis)
maintained at healthy levels (1.9x), within our medium-term target range of
1.5x-2x.
Financial Position | Key Metrics 30/09/2025 31/12/2024
Net Equity / Total Assets 39.8% 37.6%
Net Debt / adjusted EBITDA (12 months rolling) (x) 1.9 1.7
Non-Financial Performance Indicators 9M 2025 9M 2024 chg % chg
Number of sold cards (million) 83.7 118.0 (34.3) -29%
Average number of employees (FTE) 2,120 2,352 (232) -10%
Group Headcount (end-of-period) 2,377 2,499 (122) -5%
SEGMENTS REPORTING
Central Eastern Europe & DACH (CEE)
in € million 9M 2025 9M 2024 €m chg % chg
Revenues 149.6 173.9 (24.3) -14%
Costs of material & mailing (79.9) (97.2) 17.3 -18%
Gross profit I 69.7 76.7 (7.0) -9%
Gross profit I margin 46.6% 44.1% +2.5%
Production costs (38.2) (37.4) (0.9) +2%
Gross profit II 31.5 39.4 (7.8) -20%
Gross profit II margin 21.1% 22.6% -1.6%
Other income 3.8 2.9 0.9 +31%
Selling and distribution expenses (8.5) (9.9) 1.4 -14%
Administrative expenses (10.8) (12.5) 1.7 -14%
R&D expenses (5.7) (4.5) (1.3) +28%
Other expenses (1.0) (0.7) (0.3) +38%
+ Depreciation, amortization & impairment 8.5 7.5 1.0 +14%
adjusted EBITDA 17.7 22.1 (4.4) -20%
adjusted EBITDA margin 11.8% 12.7% -0.9%
- Depreciation, amortization & impairment (8.5) (7.5) (1.0) +14%
adjusted EBIT 9.2 14.6 (5.4) -37%
Operating expenses (OPEX)
excl. Depreciation, amortization & impairment 9M 2025 9M 2024 €m chg % chg
in € million
Production costs (38.2) (37.4) (0.9) +2%
Selling and distribution expenses (8.5) (9.9) 1.4 -14%
Administrative expenses (10.8) (12.5) 1.7 -14%
R&D expenses (5.7) (4.5) (1.3) +28%
+ Depreciation, amortization & impairment 8.5 7.5 1.0 +14%
Total (54.8) (56.8) 2.0 -4%
as % of Revenues 36.6% 32.7%
Western Europe, Nordics, Americas (WEST)
in € million 9M 2025 9M 2024 €m chg % chg
Revenues 87.4 105.7 (18.3) -17%
Costs of material & mailing (48.1) (61.7) 13.6 -22%
Gross profit I 39.3 44.0 (4.7) -11%
Gross profit I margin 44.9% 41.6% +3.4%
Production costs (18.0) (17.0) (1.0) +6%
Gross profit II 21.3 27.0 (5.7) -21%
Gross profit II margin 24.4% 25.5% -1.2%
Other income 0.2 0.0 0.1 +293%
Selling and distribution expenses (6.2) (6.8) 0.6 -9%
Administrative expenses (6.0) (6.3) 0.3 -5%
R&D expenses (0.5) (1.1) 0.7 -60%
Other expenses (0.2) (0.1) (0.0) +33%
+ Depreciation, amortization & impairment 5.0 4.7 0.3 +7%
adjusted EBITDA 13.7 17.4 (3.7) -21%
adjusted EBITDA margin 15.7% 16.4% -0.7%
- Depreciation, amortization & impairment (5.0) (4.7) (0.3) +7%
adjusted EBIT 8.7 12.7 (4.0) -31%
Operating expenses (OPEX)
excl. Depreciation, amortization & impairment 9M 2025 9M 2024 €m chg % chg
in € million
Production costs (18.0) (17.0) (1.0) +6%
Selling and distribution expenses (6.2) (6.8) 0.6 -9%
Administrative expenses (6.0) (6.3) 0.3 -5%
R&D expenses (0.5) (1.1) 0.7 -60%
+ Depreciation, amortization & impairment 5.0 4.7 0.3 +7%
Total (25.6) (26.5) 0.9 -3%
as % of Revenues 29.3% 25.1%
Türkiye / Middle East and Africa (MEA)
in € million 9M 2025 9M 2024 €m chg % chg
Revenues 46.9 63.2 (16.3) -26%
Costs of material & mailing (23.9) (43.6) 19.6 -45%
Gross profit I 22.9 19.6 3.3 17%
Gross profit I margin 48.9% 31.0% +17.9%
Production costs (13.1) (10.2) (2.8) +28%
Gross profit II 9.9 9.4 0.5 +5%
Gross profit II margin 21.0% 14.9% +6.2%
Other income 0.0 0.0 (0.0) n/m
Selling and distribution expenses (1.9) (1.3) (0.6) +48%
Administrative expenses (1.8) (1.4) (0.4) +29%
R&D expenses (0.5) 0.0 (0.5) n/m
Other expenses (0.0) (0.2) 0.2 -91%
+ Depreciation, amortization & impairment 0.7 0.5 0.2 +38%
adjusted EBITDA 6.4 7.1 (0.7) -10%
adjusted EBITDA margin 13.6% 11.2% +2.4%
- Depreciation, amortization & impairment (0.7) (0.5) (0.2) +38%
adjusted EBIT 5.7 6.6 (0.9) -13%
Operating expenses (OPEX)
excl. Depreciation, amortization & impairment 9M 2025 9M 2024 €m chg % chg
in € million
Production costs (13.1) (10.2) (2.8) +28%
Selling and distribution expenses (1.9) (1.3) (0.6) +48%
Administrative expenses (1.8) (1.4) (0.4) +29%
R&D expenses (0.5) 0.0 (0.5) n/m
+ Depreciation, amortization & impairment 0.7 0.5 0.2 +38%
Total (16.5) (12.4) (4.2) +34%
as % of Revenues 35.2% 19.6%
The present 9M 2025 Results Press Release is available on the Company’s
website:
[3]https://www.austriacard.com/investor-relations-ac/financial-reporting-ac/
Conference call Financial Results
AUSTRIACARD HOLDINGS AG Management will host a conference call and live
webcast to present the 9M 2025 Financial Results.
Date Thursday, 13^th November 2025
Time 18:00 (GR)
17:00 (CEST)
16:00 (UK)
11:00 (NY)
Duration The conference call is expected to last approximately
60 minutes, followed by Q&A
Live Conference Call Greece
+30 213 009 6000 or +30 210 946 0800
Austria
+43 720 816 079
Germany
+49 (0) 800 588 9310
UK
+44 (0) 800 368 1063
USA
+1 516 447 5632
International
+44 (0) 203 059 5872
Live Webcast Real-time webcast (audio only) on the Internet:
[4]LIVE WEBCAST
ABOUT AUSTRIACARD HOLDINGS AG
AUSTRIACARD HOLDINGS AG leverages over 130 years of experience in
information management, printing, and communications to deliver secure and
transparent experiences for its customers. They offer a comprehensive suite
of products and services, including payment solutions, identification
solutions, smart cards, card personalization, digitization solutions, and
secure data management. ACAG employs a global workforce of 2,400 people and
is publicly traded on both the Athens and Vienna Stock Exchanges under the
symbol ACAG.
Contact person: Mr. Dimitris Haralabopoulos, Group IR Director
E-Mail: [5]investors@austriacard.com
Tel (AT): +43 1 61065 357
Tel (GR): +30 210 669 78 60
Website: [6]www.austriacard.com
Symbol: ACAG
ISIN: AT0000A325L0
Stock Exchanges: Vienna Prime Market (VSE), Athens Main Market (ATHEX)
APPENDIX
A. PRIMARY FINANCIAL STATEMENTS
Consolidated statement of financial
position 30 September 2025 31 December 2024
in € thousand
Assets
Property, plant and equipment and right 96,049 100,545
of use assets
Intangible assets and goodwill 56,363 59,555
Equity-accounted investees 423 395
Other receivables 1,167 1,259
Deferred tax assets 2,924 3,474
Non-current assets 156,925 165,227
Inventories 63,775 72,795
Contract assets 28,580 14,952
Current income tax assets 2,042 523
Trade receivables 40,077 45,297
Other receivables 14,482 11,061
Cash and cash equivalents 17,889 21,737
Current assets 166,845 166,366
Total assets 323,770 331,593
Equity
Share capital 36,354 36,354
Share premium 32,749 32,749
Own shares (2,584) (2,064)
Other reserves 17,660 19,856
Retained earnings 41,186 37,385
Equity attributable to owners of the 125,365 124,281
Company
Non-controlling interests 3,473 524
Total Equity 128,839 124,805
Liabilities
Loans and borrowings 93,474 101,261
Employee benefits 3,603 4,005
Other payables 1,658 1,726
Deferred tax liabilities 9,312 10,336
Non-current liabilities 108,046 117,328
Current tax liabilities 4,485 3,615
Loans and borrowings 15,601 16,097
Trade payables 27,408 43,807
Other payables 25,716 16,985
Contract liabilities 11,989 7,188
Deferred income 1,686 1,769
Current Liabilities 86,885 89,460
Total Liabilities 194,931 206,788
Total Equity and Liabilities 323,770 331,593
Consolidated income statement 9M 2025 9M 2024
in € thousand
Revenues 262,443 303,494
Cost of sales (200,779) (229,712)
Gross profit 61,664 73,782
Other income 3,959 3,004
Selling and distribution expenses (16,578) (17,967)
Administrative expenses (21,475) (24,013)
R&D expenses (6,909) (5,717)
Other expenses (1,183) (1,113)
+ Depreciation, amortization & impairment 14,203 12,626
EBITDA 33,682 40,601
- Depreciation, amortization & impairment (14,203) (12,626)
EBIT 19,479 27,975
Financial income 361 351
Financial expenses (6,374) (7,214)
Result from associated companies 70 129
Net finance costs (5,943) (6,734)
Profit/(Loss) before tax 13,536 21,241
Income tax expense (3,701) (4,980)
Profit/(Loss) 9,835 16,260
Profit/(Loss) attributable to:
Owners of the Company 8,588 16,222
Non-controlling interests 1,246 38
Profit/(Loss) 9,835 16,260
Earnings/(loss) per share
basic 0.24 0.45
diluted 0.22 0.42
Consolidated income statement Q3 2025 Q3 2024
in € thousand
Revenues 98,822 108,120
Cost of sales (73,924) (83,434)
Gross profit 24,898 24,686
Other income 1,477 1,019
Selling and distribution expenses (5,491) (6,117)
Administrative expenses (6,793) (7,642)
R&D expenses (2,346) (2,179)
Other expenses (349) (493)
+ Depreciation, amortization & impairment 4,616 4,397
EBITDA 16,011 13,672
- Depreciation, amortization & impairment (4,616) (4,397)
EBIT 11,395 9,275
Financial income 137 102
Financial expenses (1,829) (2,990)
Result from associated companies 0 0
Net finance costs (1,692) (2,888)
Profit/(Loss) before tax 9,703 6,387
Income tax expense (2,344) (1,306)
Profit/(Loss) 7,359 5,081
Profit/(Loss) attributable to:
Owners of the Company 7,227 5,589
Non-controlling interests 132 (508)
Profit/(Loss) 7,359 5,081
Earnings/(loss) per share
basic 0.20 0.15
diluted 0.19 0.14
Consolidated statement of cash flows 9M 2025 9M 2024
in € thousand
Cash flows from operating activities
Profit/(Loss) before tax 13,536 21,241
Adjustments for:
-Depreciation, amortization & impairment 14,203 12,626
-Net finance costs 5,943 6,734
-Other non-cash transactions 1,244 2,739
34,926 43,340
Changes in:
-Inventories 9,020 (14,133)
-Contract assets (13,628) 3,072
-Trade and other receivables 1,799 (3,132)
-Contract liabilities 4,800 (10,605)
-Trade and other payables (8,973) 3,919
-Taxes paid (4,789) (3,567)
Net cash from/(used in) operating activities 23,155 18,894
Cash flows from investment activities
Interest received 311 306
Acquisition of subsidiary, net of cash acquired 0 (1,297)
Proceeds from sale of property, plant and equipment 1,795 0
Dividends received from associated companies 42 58
Payments for acquisition of property, plant and equipment (10,006) (11,053)
& intangible assets
Net cash from/(used in) investing activities (7,857) (11,986)
Cash flows from financing activities
Interest paid (4,757) (5,880)
Proceeds from loans and borrowings 4,957 17,339
Repayment of borrowings (10,619) (9,422)
Payment of lease liabilities (3,206) (3,315)
Acquisition of own shares (520) (739)
Dividends paid to non-controlling interest 10 (429)
Dividends paid to owners of the company (3,950) (3,627)
Acquisition of non-controlling interests (156) 0
Net cash from/(used in) financing activities (18,241) (6,074)
Net increase/(decrease) in cash and cash equivalents (2,943) 833
Cash and cash equivalents at 1 January 21,737 23,825
Effect of movements in exchange rates on cash held (906) (175)
Cash at 30 September 17,889 24,483
B. SEGMENT REPORTING
9M 2025 WEST CEE MEA Corporate Eliminations Total
in € thousand
Revenues 85,615 146,047 46,861 1,793 (17,873) 262,443
Intersegment 1,754 3,553 5 935 (6,247)
revenues
Segment revenues 87,370 149,600 46,865 2,729 (24,121) 262,443
Costs of
material & (48,098) (79,857) (23,946) 20,364 (131,538)
mailing
Gross profit I 39,272 69,743 22,919 2,729 (3,757) 130,905
Production costs (17,965) (38,214) (13,063) (69,241)
Gross profit II 21,307 31,529 9,856 2,729 (3,757) 61,664
Other income 193 3,775 91 (101) 3,958
Selling and
distribution (6,161) (8,538) (1,878) (16,578)
expenses
Administrative (6,002) (10,829) (1,759) (4,258) 3,740 (19,108)
expenses
R&D expenses (455) (5,750) (495) (210) (6,909)
Other expenses (160) (995) (18) (14) 9 (1,178)
+ Depreciation,
amortization 4,989 8,511 677 26 14,203
& impairment
adjusted EBITDA 13,710 17,704 6,383 (1,635) (109) 36,052
- Depreciation,
amortization (4,989) (8,511) (677) (26) (14,203)
& impairment
adjusted EBIT 8,721 9,192 5,706 (1,661) (109) 21,849
Financial income 311
Financial (5,311)
expenses
Result from
associated 70
companies
Net finance (4,929)
costs
adjusted
Profit/(Loss) 16,920
before tax
Special items (3,384)
Profit/(Loss) 13,536
before tax
Income tax (3,701)
expense
Profit/(Loss) 9,834
9M 2024 WEST CEE MEA Corporate Eliminations Total
in € thousand
Revenues 104,138 157,027 63,134 1,210 (22,015) 303,494
Intersegment 1,525 16,887 30 1,000 (19,442)
revenues
Segment revenues 105,663 173,914 63,164 2,210 (41,457) 303,494
Costs of
material & (61,712) (97,194) (43,552) 37,277 (165,181)
mailing
Gross profit I 43,951 76,720 19,612 2,210 (4,180) 138,313
Production costs (16,964) (37,356) (10,216) 5 (64,531)
Gross profit II 26,987 39,363 9,396 2,210 (4,175) 73,782
Other income 49 2,893 12 50 3,004
Selling and
distribution (6,774) (9,927) (1,266) (17,967)
expenses
Administrative (6,305) (12,521) (1,368) (5,112) 4,175 (21,131)
expenses
R&D expenses (1,127) (4,489) (101) (5,717)
Other expenses (120) (723) (200) (68) (1,111)
+ Depreciation,
amortization 4,658 7,474 490 3 12,626
& impairment
adjusted EBITDA 17,368 22,071 7,064 (3,018) 43,484
- Depreciation,
amortization (4,658) (7,474) (490) (3) (12,626)
& impairment
adjusted EBIT 12,710 14,597 6,573 (3,021) 30,859
Financial income 343
Financial (6,200)
expenses
Result from
associated 129
companies
Net finance (5,728)
costs
adjusted
Profit/(Loss) 25,131
before tax
Special items (3,890)
Profit/(Loss) 21,241
before tax
Income tax (4,980)
expense
Profit/(Loss) 16,260
[7]^[1] The analysis herein is based on the business performance as
monitored by Group management with a separate presentation of Special Items
which include i.a. effects from Management participation programs, foreign
exchange and other valuation related effects below adjusted Profit/(Loss)
before tax. Starting as of 2025 the Management view also includes effects
from Hyperinflation Accounting for the Türkiye based entity in all
positions, therefore previous year figures were adapted accordingly.
[8]^[2] The analysis herein is based on the business performance as
monitored by Group management with a separate presentation of Special Items
which include i.a. effects from Management participation programs, foreign
exchange and other valuation related effects below adjusted Profit/(Loss)
before tax. Starting as of 2025 the Management view also includes effects
from Hyperinflation Accounting for the Türkiye based entity in all
positions, therefore previous year figures have been adapted accordingly.
════════════════════════════════════════════════════════════════════════════
13.11.2025 CET/CEST This Corporate News was distributed by [9]EQS Group
View original content: [10]EQS News
════════════════════════════════════════════════════════════════════════════
Language: English
Company: AUSTRIACARD HOLDINGS AG
Lamezanstraße 4-8
1230 Vienna
Austria
E-mail: marketing@austriacard.com
Internet: https://www.austriacard.com/
ISIN: AT0000A325L0
WKN: A3D5BK
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 2229270
End of News EQS News Service
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